K
Karen W.
★★★★★
We rolled $48K of credit-card and line-of-credit debt into one home equity loan. Our minimum payments dropped by about $1,400 a month. Same debt, lower interest, one bill.
Turn home equity into a lump sum at a fixed monthly payment. Approved on the equity in your home, not your income. We shop 40+ lenders to find the lowest rate you qualify for.
Why a Home Equity Loan Exists
A home equity loan is one lump sum at one fixed monthly payment, secured against the equity you already own. It's the cheapest way to access serious cash without refinancing your first mortgage or selling the house. Lower rate than a credit card. More flexibility than a bank refinance. Faster than waiting on a HELOC application that may or may not get approved. If your equity covers the loan, the file works.
Banks underwrite paperwork. Equity lenders underwrite your home equity.
Based on standard 80% combined loan-to-value (LTV). Your real number depends on appraisal, lender, and property type.
*Illustration only. Calculated at 80% combined LTV. Final amount depends on appraised value, lender, property type, and exit strategy.
Most files are approved within 24 hours and funded in 5–7 business days. Urgent files (debt consolidation deadlines, contractor draws) have funded in 24 hours. No income docs required.
A 3-step quiz. Home value, what you need, your contact. No income docs required.
Licensed broker matches you to the lowest rate you actually qualify for. Approval typically within 24 hours.
We coordinate the lawyer and appraisal. Urgent files funded in as little as 24 hours. Standard files 5–7 days.
Same homeowner ($800K home, $400K first mortgage, $50K of debt to consolidate, self-employed) running each option.
| Feature | Lighthouse home equity loan | Bank HELOC | Bank refinance | Personal loan |
|---|---|---|---|---|
| Approves with bruised credit / no income docs | ✓ | ✕ | ✕ | ✕ |
| Lump sum at closing, one fixed payment | ✓ | ✕ | ✓ | ✓ |
| Keeps your existing first mortgage in place | ✓ | ✓ | ✕ | ✓ |
| Qualifies on home equity, not income | ✓ | ✕ | ✕ | ✕ |
| Funded in under a week | ✓ | ✕ | ✕ | ✓ |
| Rate typically lower than credit cards | ✓ | ✓ | ✓ | ✕ |
*Illustrative. Real terms vary by file, lender, and property type.
$50,000 from $291/month. No variable-rate surprises, no minimum payments that move every quarter. One number, one due date.
Funds wire directly to your lawyer's trust account at closing. Spend on whatever you set out to fund. No restrictions on use of proceeds.
Bad credit, missed payments, consumer proposal, even discharged bankruptcy: none of it disqualifies you here. No minimum credit score.
Urgent files (contractor draws, debt-consolidation deadlines) have funded in under 24 hours. Standard files in 5–7 business days.
Renovations, debt consolidation, tuition, business cash flow, second property, family support. No restrictions, no questions. Your equity, your call.
Regulated Ontario brokerage (Lic. #13301) with a legal duty to act in your best interest. Federal law caps interest at 35% APR.
4.9/5 · 192+ reviews
We rolled $48K of credit-card and line-of-credit debt into one home equity loan. Our minimum payments dropped by about $1,400 a month. Same debt, lower interest, one bill.
Kitchen reno quote came in higher than we planned. Lighthouse pulled a home equity loan against our existing mortgage and we paid the contractor in full at the start.
Two years of university tuition for our son, paid up front. Our equity worked harder than the savings would have. Lighthouse explained every step and the payment fit our budget.
Self-employed for 11 years. Bank wouldn't accept my application without two years of T4s. Lighthouse approved me on equity and funded in 5 days.
Used the equity loan to put 30% down on a second property and still kept our first mortgage where it was. Cleaner than refinancing the whole thing.
Retired with strong equity but no T4. Bank wouldn't even look at us. Lighthouse structured an equity loan that paid off our remaining debts and gave us breathing room.
Outcomes vary. Names abbreviated for privacy. Quotes paraphrased from Google reviews and case files. Your own quote, rate, and timeline depend on your situation.
We shop 40+ private lenders to find the best fit for your file. Not the fastest commission. The lender whose program actually works for you.
Your information stays between you, our brokerage, and the lender you select. We never sell, share, or rent your data. Ever.
The same licensed Ontario broker handles your file from first call to funded. No handoffs, no call-center transfers, no juggling.
Equity-lender LTV caps shift with the housing market. Lenders that approved 80% LTV last year are quoting 75% on some property types today.
Your file is priced against today's appraisal value, today's lender appetite, and today's LTV caps. Locking in a quote now costs nothing and tells you exactly what's available.
A home equity loan is a lump-sum loan secured against the equity in your home. You receive the full amount at closing and repay it over a set term with a fixed monthly payment. It sits behind your existing first mortgage as a second charge, so your current mortgage stays in place. Common uses: debt consolidation, renovations, tuition, business cash flow, and major purchases.
A home equity loan is a one-time lump sum with a fixed payment. A HELOC is a revolving line you draw from as needed, with a variable payment. Equity loans are simpler and more predictable. HELOCs are more flexible but harder to qualify for at a bank. If you know the amount you need and want one fixed payment, an equity loan usually wins. If you want ongoing access to credit, the HELOC fits better.
Most equity lenders allow up to 80% combined loan-to-value (existing mortgage + new equity loan ÷ home value). Some lenders go to 85% case-by-case. Example: an $800,000 home with a $400,000 first mortgage may unlock up to ~$240,000 through a home equity loan.
Yes. Equity-based lenders underwrite the home, not the borrower. Bruised credit, collections, active consumer proposals, and even discharged bankruptcies do not automatically disqualify you if you have sufficient equity. There's no minimum credit score for most equity loan programs, and self-employed or retired applicants are welcome.
Typical equity loans run 1–5 year terms with the option to renew or refinance. Most clients use them as a bridge to a better situation: pay off high-interest debt, complete the renovation, fund the goal, then refinance back to a prime lender once their credit or income docs are back in order. We map the exit on day one.
Approval typically within 24 hours. Urgent files (contractor draws, debt-consolidation deadlines) have funded in as little as 24 hours. Standard files take 5–7 business days, mostly waiting on appraisal and legal. We tell you the realistic window the moment we look at your file.
Detached, semi-detached, townhouses, condos, multi-unit residential (up to 4 units), and in many cases commercial or mixed-use properties with sufficient equity. Rural and unusual properties get assessed case-by-case.